Hong Kong Financial Secretary: Embracing the development of digital assets, reviewing eight virtual asset trading platform license applications

Odaily News Hong Kong Financial Secretary Paul Chan said in a speech at a forum on June 21, "Recently, the market has shown great interest in digital assets, especially the issuance of stablecoins, which has aroused heated discussions. As an international financial center, Hong Kong must continue to reform and innovate to continuously enhance our competitive advantages. We embrace the development of digital assets and have accelerated the improvement of the relevant legal and regulatory framework in recent years. For example, the licensing system for virtual asset trading platforms has issued 10 licenses and is reviewing another eight applications. We have also just completed the legislation of stablecoins, which will come into effect on August 1, making Hong Kong one of the first jurisdictions in the world to establish a statutory regulatory framework for stablecoins."